Recent experiments indicate that Sm–Fe melt-spun ribbons with the Sm5Fe17 phase exhibit high coercivity. To elucidate this phenomenon, we performed magnetization measurements and microstructural studies of Sm5Fe17 melt-spun ribbon with coercivity. We found that the coercivity of Sm5Fe17 melt-spun ribbon is single-domain type, and that Sm5Fe17 melt-spun ribbon with high coercivity possesses fine grains of 10–20nm in diameter.